【摘要】：產(chǎn)融結(jié)合是市場經(jīng)濟發(fā)展到一定程度的產(chǎn)物,隨著中國融入國際經(jīng)濟的深入發(fā)展,中國改革開放攻堅戰(zhàn)的打響,中國企業(yè)的市場競爭力和國際競爭力低的問題逐步顯示出來了,原本單一的生產(chǎn)經(jīng)營模式已經(jīng)不再適合這個時代發(fā)展的要求,許多企業(yè)選擇涉足資本市場,紛紛斥資金融機構(gòu),產(chǎn)融結(jié)合必然成為中國企業(yè)“做強做大”的基本戰(zhàn)略選擇。然而,我國產(chǎn)融結(jié)合的歷史比起西方發(fā)達(dá)國家要短,對產(chǎn)融結(jié)合理論的研究滯后于產(chǎn)融結(jié)合目前發(fā)展的現(xiàn)狀,另外我國企業(yè)所面對的市場環(huán)境比起西方來講更為復(fù)雜,資本市場尚未完全成熟,2004年爆發(fā)的德隆危機對正要準(zhǔn)備進(jìn)行產(chǎn)融結(jié)合的敲響了警鐘,因此對企業(yè)產(chǎn)融結(jié)合后的績效研究顯得尤為重要。 本文在傳統(tǒng)產(chǎn)業(yè)經(jīng)濟學(xué)理論基礎(chǔ)上,結(jié)合金融學(xué)的知識,在研究產(chǎn)業(yè)資本向金融資本滲透的理論基礎(chǔ)上,考察我國上市公司產(chǎn)融結(jié)合的具體問題,運用定性與定量分析相結(jié)合,分析了我國上市公司產(chǎn)融結(jié)合后的企業(yè)績效。本文首先厘清產(chǎn)融結(jié)合的相關(guān)概念,對產(chǎn)融結(jié)合的內(nèi)涵進(jìn)行了擴展,并從制度因素、生產(chǎn)力發(fā)展水平因素、金融價格水平因素、國際經(jīng)濟發(fā)展因素角度,對影響產(chǎn)融結(jié)合順利進(jìn)行的因素作初步探討,并且在這些影響因素一定的條件下,進(jìn)一步討論在什么條件下并以什么樣的方式才能實現(xiàn)更好的結(jié)合。通過機制定位,市場基礎(chǔ)建設(shè),機制紐帶來對產(chǎn)融結(jié)合機制的建設(shè)問題進(jìn)行探討。從我國證券市場角度出發(fā),著眼于行業(yè)分布特征、產(chǎn)融結(jié)合程度、產(chǎn)融結(jié)合模式這三方面來闡釋我國上市公司產(chǎn)融結(jié)合的特征,分析我國上市公司產(chǎn)融結(jié)合的動因,并通過實證檢驗來驗證,得出產(chǎn)融結(jié)合并不能實現(xiàn)交易費用的降低,以及協(xié)同效應(yīng),從而推翻了傳統(tǒng)觀點,認(rèn)為產(chǎn)融結(jié)合能過降低交易成本,實現(xiàn)協(xié)同效應(yīng)。通過數(shù)據(jù)模型得出我國產(chǎn)融結(jié)合所面臨的潛在危害,并以對上市公司的企業(yè)績效進(jìn)行實證檢驗。通過種種分析,表明了我國上市公司產(chǎn)融結(jié)合還處于初級階段,只是一種逐利手段,并不是戰(zhàn)略投資,只有當(dāng)產(chǎn)融結(jié)合的程度達(dá)到一定的程度,產(chǎn)融結(jié)合產(chǎn)生的績效也會越明顯。 本文在研究方法上采用定性分析與實證分析相結(jié)合。以實證分析為主,以期提出可操作性強的具體對策與措施。中國上市公司產(chǎn)融結(jié)合的績效進(jìn)行了定量的分析,以求對問題的研究能夠科學(xué)、正確。以2005年進(jìn)行產(chǎn)融結(jié)合的上市公司作為統(tǒng)計樣本,運用Logit回歸對產(chǎn)融結(jié)合的動因進(jìn)行分析,通過Wilcoxon秩檢驗對我國上市公司的經(jīng)營績效進(jìn)行假設(shè)檢驗,以及通過市盈率、每股收益這兩個財務(wù)指標(biāo)構(gòu)建兩個一元線性回歸模型對產(chǎn)融結(jié)合程度與企業(yè)績效之間關(guān)系進(jìn)行回歸分析,通過對產(chǎn)融結(jié)合的績效進(jìn)行的實證研究,從中得出政策建議。 本文的研究對于上市公司發(fā)展產(chǎn)融結(jié)合提高企業(yè)的經(jīng)營績效,增強市場上的競爭力有重要的理論意義和現(xiàn)實意義。對國家有關(guān)部門對產(chǎn)融結(jié)合制定相關(guān)政策,對個人和機構(gòu)投資者正確把握投資方向,提供了一定理論方面的參考。另外,對于我國其他想要發(fā)展產(chǎn)融結(jié)合的企業(yè)有一定的借鑒作用。
[Abstract]:The combination of production and finance is the product of the development of market economy to a certain extent. With the deepening development of China's integration into the international economy and the start of China's reform and opening-up, the problem of low market competitiveness and international competitiveness of Chinese enterprises has gradually emerged. The original single mode of production and management is no longer suitable for the development of this era. However, the history of China's industrial-financial integration is shorter than that of western developed countries, and the research on the theory of industrial-financial integration lags behind the current situation of the development of industrial-financial integration. The market environment is more complicated than that in the West, and the capital market is not yet fully mature. The Delong crisis in 2004 sounded an alarm bell to prepare for the integration of industry and finance. Therefore, it is particularly important to study the performance of enterprises after the integration of industry and finance.
Based on the theory of traditional industrial economics and the theory of financial science, this paper investigates the specific problems of the combination of industry and finance of Listed Companies in China on the basis of the study of the penetration of industrial capital into financial capital, and uses qualitative and quantitative analysis to analyze the performance of Listed Companies in China after the combination of industry and finance. The related concepts of the combination of industry and finance have been expanded, and from the angle of system factors, productivity development level factors, financial price level factors and international economic development factors, the factors affecting the smooth progress of the combination of industry and finance have been preliminarily discussed, and under certain conditions, what are the factors further discussed From the point of view of China's securities market, this paper expounds the listed companies from three aspects: the distribution characteristics of the industry, the degree of the combination of industry and finance, and the mode of the combination of industry and finance. This paper analyzes the characteristics of the combination of industry and finance, analyzes the motivation of the combination of industry and finance of Listed Companies in China, and proves that the combination of industry and finance can not reduce transaction costs and achieve synergy effect by empirical test, thus overthrowing the traditional view that the combination of industry and finance can reduce transaction costs and achieve synergy effect. Through various analyses, it is shown that the combination of industry and finance of Listed Companies in China is still in the primary stage, and it is only a means of profit-seeking, not a strategic investment. Only when the degree of the combination of industry and finance reaches a certain degree, can the performance of the combination of industry and finance be produced. The more obvious it will be.
This paper combines qualitative analysis with empirical analysis. Empirical analysis is the main method in order to put forward practical countermeasures and measures. The performance of the combination of industry and finance of Listed Companies in China is analyzed quantitatively in order to make the research on the problem scientific and correct. Statistical samples, using Logit regression analysis of the motivation of the combination of industry and finance, through Wilcoxon rank test on the performance of Listed Companies in China's hypothesis test, and through the P/E ratio, earnings per share two financial indicators to build two linear regression model of the relationship between the degree of integration of industry and finance and corporate performance regression analysis. By analyzing the performance of the integration of industry and finance, we draw policy recommendations.
The study of this paper has important theoretical and practical significance for the listed companies to develop the combination of industry and finance to improve the performance of enterprises and enhance the competitiveness of the market. It has some reference for other enterprises that want to develop integration of industry and finance in China.
【學(xué)位授予單位】：浙江財經(jīng)學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F276.6;F832.51;F224

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